Series 31

The Series 31 is an exam and securities license entitling the holder to sell managed futures funds or supervise those activities. An individual may utilize a Series 31 if they meet the following criteria: They are registered with FINRA as a General Securities Representative with a FINRA member firm; The FINRA member firm is also an NFA FCM (futures commission merchant) or IB (introducing broker) Member firm or an applicant for NFA FCM or IB membership and is sponsoring the individual for AP registration; and The individual is going to limit futures activities on behalf of that NFA/FINRA sponsoring firm to soliciting funds, securities, or property for participation in a commodity pool, soliciting discretionary accounts to be managed by CTAs, or supervising persons who perform these same limited activities. CPO/CTA Disclosure Documents: Management and incentive fees, performance records, conflicts of interest, how long a CPO (commodity pool operator) or CTA can use a disclosure document, pool units purchased by principals, disclosure statements, business backgrounds of principals, NFA review of document before use and disclosure of disciplinary action. Promotional Material (Compliance Rule 2-29): Definition of promotional material, standardized sales presentations, use of a third-party consulting or advertising firm, reprints of articles from industry publications, recordkeeping of promotional material, past performance, hypothetical trading results, written procedures for promotional material and supervisory review of promotional material. In the United States, providers of managed futures accounts are regulated by the Commodity Futures Trading Commission (CFTC) as well as the National Futures Association (NFA).